A thousand dollars is left in a credit union drawing 7% compounded monthly.
1 answer:
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Answer:
Ava and Liam have the same amount of money at 10th week.
Step-by-step explanation:
Given:
Amount Ava has in her piggy bank = $110
Amount spends per week = $5
Let the number of weeks be 'w'.
So we can say that.
Total amount Ava had after 'w' weeks =
Also Given:
Amount Liam has in her piggy bank = $20
Amount earns per week = $4
Let the number of weeks be 'w'.
So we can say that.
Total amount Liam had after 'w' weeks =
Now we need to find the number of weeks when both will have same amount.
So we can say that;
Total amount Ava had after 'w' weeks =Total amount Liam had after 'w' weeks
Combining like terms we get;
Dividing both side by 9 we get;
Hence Ava and Liam have the same amount of money at 10th week.